Naira Falls Across Forex Markets, See Exchange Rate Today

The exchange rate between the naira and the US dollar closed at N412/$1 at the Investors and Exporters window, where forex is traded officially.

Naira depreciated against the US dollar to close at N412/$1 on Friday, representing a N1.12 loss when compared to N410.88/$1 recorded at the close of trading on Thursday, 26th August 2021.

Also, the naira further depreciated at the parallel market as it closed at N524/$1 on Friday, 27th August 2021, representing a N2 drop when compared to N522/$1 recorded on the previous trading day.

News Rain Nigeria gathered that the naira performed poorly against the US dollar across the forex markets despite a 32% increase in dollar supply.

Naira Falls Across Forex Markets, See Exchange Rate Today

Trading at the official NAFEX window, the naira depreciated against the US dollar on Friday 27th August 2021 to close at N412 to a dollar, representing a 0.27% depreciation compared to N410.88/$1 recorded in the previous trading day.

The opening indicative rate closed at N411.80/$1 on Friday, August 27, as against N411.23/$1 recorded on Thursday.

An exchange rate of N413 to a dollar was the highest rate recorded during intra-day trading before it settled at N412/$1, while it sold for as low as N400/$1 during intra-day trading.

Meanwhile, forex turnover at the Investors and Exporters (I&E) window rose by 32% on Friday, 27th August 2021.

According to data from FMDQ, forex turnover increased from $147.31 million recorded on Thursday to $216.52 million on Friday, 27th August 2021.